Sunrisers Hyderabad owner Kavya Maran in trouble as SRH may now face…, money laundering allegations against…
Bad news for Sunrisers Hyderabad fans: In a matter of bad news for the fans of Sunrisers Hyderabad and Hyderabad CEO Kavya Maran, Kavya’s father and owner of South India’s big media company Sun Network, Kalanidhi Maran has been accused of money laundering. As per a PTI report, DMK Lok Sabha MP Dayanidhi Maran has accused his brother Kalanidhi Maran of “financial crimes,” and asked him to restore the entire shareholding position of Sun TV and related companies to their original state or face legal and regulatory action.”
The main dispute is regarding the shareholding of the Sun Network, which was equally split between the Maran and Karunanidhi families before 2003. As per the allegations, the company funds were misused to launch ventures like Sun Direct TV, Sun Pictures, an FM channel, and IPL team Sunrisers Hyderabad after 2003.
Kalanidhi Maran accused of ‘financial crimes’
In the notice, Dayanidhi Maran has accused Kalanithi of committing ‘fraudulent practices’ and ‘misgovernance’ during the takeover of Sun TV. As per media reports, Dayanidhi Maran has alleged that his brother was involved in a series of “calculated and coordinated financial crimes” including cheating and money laundering.
If the allegations are proved, BCCI may take actions strict against Kavya Maran and her IPL team.
‘White-collar criminality’
Such acts amount to white-collar criminality of the highest order and have caused irreparable loss to the legitimate stakeholders of the companies in question, Dayanidhi alleged in the notice. Meanwhile, Sun TV said “the alleged matter dates back to 22 years when the company was a closely held private limited company.”
Following this development, Sun TV’s stock fell as much as 5.25 per cent to Rs 580 in early trade on Friday. However, it later trimmed some losses to trade 3.41 per cent lower at Rs 591. Kalanithi Maran currently holds a 75 per cent stake in the company, which has a market capitalisation of Rs 24,124 crore.
About Sun TV Network
Sun TV Network runs television channels in seven languages including Tamil, Telugu, Hindi, and Bengali. It also operates FM radio stations across India and owns the IPL team Sunrisers Hyderabad and the Sunrisers Eastern Cape in South Africa’s T20 league.
(With inputs from agencies)
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